Monday, October 6, 2008

He Got Me Good This Time


I just found out today that my house is in foreclosure. I thought I was only two months behind, but when I went to make a payment today, the website made me call, and I was told it went into foreclosure on Oct. 1st. The lawyers were supposed to have told me.
I guess I know now what that overwhelming feeling of dread was about. I can rally and pay the past due amount, and lawyers fees, and have my loan reinstated, but I'd have to borrow money from friends and family, and sell stuff to do it, and I'm not willing to do that just to delay the inevitable.


No one is spending money on things that are not necessities right now, and what I do; home remodeling, painting, custom furniture, all of it, is fluff. I made a good run at having my own business and doing what I love. I bought a house that was a little beyond me, and after two and a half years of struggling to make ends meet, the collapsing economy has put the nail in my coffin. I am kaput.


Sure, I could go get a job, but it would have to be a very very good job (one I'm probably not qualified to do) because of the high mortgage. I would have to find a high paying job, or maybe two medium paying or jobs, or four full time low paying jobs, I'm really only limited by the number of hours in the day, so I guess I could realistically only work three full time low paying jobs but then, when would I sleep? No, low paying jobs are out.


When I quit my rather high paying job almost four years ago, to start my own business, I had high hopes, and things went really well for a while. I was getting work, my customers were always happy, most times paying me more than I charged for the work I did. I got a lot of referrals, it seemed like it I was going to be in high demand!


People told me I was brave for striking out on my own. Risking everything, following my dream. Some wished they could be like me. I never considered failure as an option. I dumped my life's savings into my business, and workshop, and home, and set out to succeed. I said, if I can't make a living doing what I love, well, I don't want to find out.


Well kids, I'm about to find out. I will keep you posted, provided my new cardboard box has high speed Internet.

18 comments:

Baino said...

Oh Red, I'm so sorry . . and what a shit time to have to sell. I'm on leave this week and have just heard that our Reserve Bank has cut interest rates by 1% but the banks probably won't pass it on in an attempt to recoup their recent losses. Shits! We're paying 10% here at the moment and needless to say, it's killing me. (Same deal, single income, keeping my head above water) At least you gave it a go, probably not in the best of economic climates but don't be discouraged. Thoughts are with you.

Dorky Dad said...

Oh, man. That just sucks. You pretty much qualify as a current economy poster child. So I'm terribly, terribly sorry. And I wish you luck, though something can always change -- and I really hope it does.

tsduff said...

My Sweetie says "write Barney Frank MA house of reps) right away! Then forward the letter to the foreclosure people at the same time. Don't they have to send you a certified letter of foreclosure or something? Man alive, that sucks big time. How much is your mortgage...? Maybe I can help. I do have savings available you know.
What's a few bucks... it's only money.

citizen of the world said...

I am so sorry. It just seems to be happening everywhere and now is such a hard time to sell. And a hard time to make it in a small business. Somehting to thank the Republicans for. My thoughts are with you.

Ben said...

Ugh. My heart sank when I read this having had that exact scenario as a possibility when I bought a house on my then-freelance income. I don't have advice but I do empathize with you big time.

roro said...

Red, that totally blows - I'm so sorry. How the hell could they not tell you that your house is in foreclosure?? Pick up the phone, people!!

We have our own small business too and things are getting kinda scary, even up here in Canada. Our thoughts are definitely with you.

RED MOJO said...

Everyone, Thank you so much for your kind thoughts, especially Terry offering to loan me money, when we've never even met in real life. It just goes to show what powerful relationships can be formed on the Internet and how important we have become to one another.
I can get the money together to keep the house, for how long is the question, and is it worth it? I am deciding whether to let it go, or hold on knowing I will have to keep struggling for eight years or so, before the market gets to the point where I could afford to sell and not lose my shirt. That's a long time, and although I love this house, I am not happy here. I want to go back to California. The house was the only thing keeping me here.
This is not good, I don't want this crap on my credit report, but life is too short to be unhappy for such a large chunk of time.

Alex said...

Wow, talk about hitting the brick wall at 70 mph! Life must really suck big time at the moment. No wonder you've been down in the dumps, and having feelings of dread. Dang!

I wish I could offer you something a little more substantial than just words. Truly! I hope some good comes out of this personal crisis. Sort of puts my life in perspective. Sending you some good karma. :)

RED MOJO said...

Alex, Thank you. I can always use good karma. I always try to give what I'd like to get.

SassyFemme said...

Poking in from lurking to say I'm sorry this is happening to you.

RED MOJO said...

sassyfemme, Thank you for lurking, and for your sympathy. It's amazing how much that helps, truly.

tsduff said...

I was once once teetering on the edge of foreclosure... escaped by the skin of my teeth and divorce...

I want to move too. Seems my house is the only thing holding me here to the bay area (it is a grand old house - it was my Grandma's house, and then my Dad's) I could rent it out but then what? Into the great wide open?

I meant what I said about the $$ but it wouldn't sustain you very long.

heartinsanfrancisco said...

I'm so very sorry to hear this. The American dream has become the American nightmare for sure.

I hope something good will come out of this. Your beautiful house may have served its purpose in your life, making it possible now for you to realize your bigger dreams.

You ARE brave. Whatever happens, I know that you will end up better off and happier than before. And I very much wish you that.

TheWeyrd1 said...

Red...sorry to hear of your situation... Not sure if my company can help, but contact me via email. I'll give you a referral for a free consultation.

kj said...

:(

RED MOJO said...

tsduff, Again, I am touched by your extremely kind offer. You are such a good egg. I have opted to let the mortgage company have the house.

heartinsanfrancisco, Thank for your kind words and your support. You are, as always, so dear to me.

theweyrd1, Thanks for your kind offer as well. I have a lawyer and I have a plan, but I appreciate you wanting to help.

kj, :( Me too.

Hedon said...

Red,

Know I'm behind the times, but was really sorry to read about this. Hope that things work out to your best advantage in the end.

Anonymous said...

Congrats! Obama is ruling you, making the debt tree times the Bush one.

But you are happy now, you have the Messiah.

I'd talk about hypocrisy, bigotry and the like, but I am bored to talk to hiopocrits and bigots.